I got a message from Matty recently who sent in the following question:
I’ve heard conflicting replies to the following question.
Does your contribution room accumulate in years where you have not yet opened a TFSA account? For example, if I don’t open an account until 2010, will I have $10,000 in contribution room (from 2009 and 2010) or will I only have $5,000 of contribution room (from 2010 only)?
Based on the information available, if you don’t open an account until 2010 then your contribution room should be the $10,000 as you will get the $5000 boost every year (Assuming you meet all the requirements such as you are over 18 as that is one of the requirements of a TFSA). This should also be displayed on your notice of assessment each year as it will tell you how much you can contribute too.